Post Tagged with: "initial public offering"

Oil Soars Near 5% as U.S. Delays Tariffs on Some Chinese Goods

Oil Soars Near 5% as U.S. Delays Tariffs on Some Chinese Goods

From Reuters Oil prices on Tuesday jumped by the most so far this year after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months. The Chinese products include laptops and cellphones. The tariffs had been scheduled to start next month. “The U.S.-China trade war has caused energy demand growth to take a big hit. Any glimmer of hope revives the prospects for a more positive demand landscape,” said John Kilduff, partner at energy hedge fund Again Capital Management in New York. Brent LCOc1 futures rose $2.73, or 4.7%, to settle at $61.30 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained $2.17, or 4.0%, to settle at $57.10. That was the biggest daily percentage gain for Brent since December when the contract gained 7.9%. Oil prices pared[Read More…]

Oil Steadies as Saudi, Kuwait Signals Offset Demand Fears

Oil Steadies as Saudi, Kuwait Signals Offset Demand Fears

From Reuters Oil prices were little changed on Monday as expectations that major producers would continue to reduce global supplies ran into worries about sluggish growth in crude demand due to the U.S.-China trade war. International benchmark Brent crude settled at $58.57 a barrel, up 4 cents. West Texas Intermediate (WTI) futures settled at $54.93, up 43 cents. Investors were torn between forecasts of slowing global oil demand growth and chatter about renewed efforts by major producers to curtail output and support prices, analysts said. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have agreed to cut 1.2 million barrels per day (bpd) since Jan. 1. Kuwait was “fully committed” to the OPEC+ agreement, Oil Minister Khaled al-Fadhel said, adding that Kuwait has cut its own output by more than required by the accord. He said fears of a global economic downturn were “exaggerated,” and[Read More…]

Saudi Aramco Valuation Gap Persists as IPO Talks Resume – Sources

Saudi Aramco Valuation Gap Persists as IPO Talks Resume – Sources

From Reuters Saudi Crown Prince Mohammed Bin Salman is insisting on a $2 trillion valuation of oil firm Aramco, even though some bankers and company insiders say the kingdom should trim its target to around $1.5 trillion, industry and banking sources said. With Aramco talking again to banks about an initial public offering (IPO), its board is meeting later this week and will probably hold a discussion about the company’s value, a source close to the company said. Saudi Aramco declined to comment. CIC, the Saudi government media office, did not respond to a Reuters request for comment. Prince Mohammed put a $2 trillion valuation on the state company in early 2016 when he first proposed a share sale to diversify Saudi Arabia’s economy beyond oil. He has stuck with that valuation, according to the source close to Aramco and another source familiar with the IPO plans, even though some[Read More…]

Source: Borr Drilling

Borr Drilling Awarded Contract by Pemex

By Tyler Losier, Energy Reporter, Oil & Gas 360 Borr Drilling is awarded its fourth Mexican contract in less than nine months Borr Drilling (stock ticker: BORR), an international drilling contractor headquartered in Bermuda, has been awarded a contract by Petróleos Mexicanos (Pemex) for the employment of a jack-up drilling rig. Previously, the company has entered into two other similar contracts with Pemex. The first rig, the Grid, has arrived on site and is currently commencing operations, and the second rig, the Gersemi, is expected to commence shortly thereafter. The design of the Grid and the Gersemi (source: Borr Drilling) The Grid and the Gersemi, both Liberian-flagged self-elevated drilling units, have an operati… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Source: Boor Drilling

Borr Drilling Goes Public

By Tyler Losier, Energy Reporter, Oil & Gas 360 Borr Drilling Limited launches IPO of five million common shares Borr Drilling (stock ticker: BORR), an international drilling contractor headquartered in Bermuda, has launched an initial public offering (IPO) in the United States for 5 million of its common shares. The newly public security will trade under the ticker symbol “BORR.” Borr will also grant underwriters of the offering a 30-day option to purchase up to an additional 750,000 common shares at the IPO price, less underwriting discounts and commissions. The company expects that its IPO price of will be similar to that of its shares on the Oslo Børs exchange, currently trading at approximately US $10.00 (NOK 87.00), … Login or click here to subscribe

EOG Resources, Mountrail County, North Dakota.

PermRock Royalty Trust Prepares IPO

PermRock Royalty Trust will soon launch its initial public offering of 6,250,000 trust units, representing approximately 51.4% beneficial interest in the trust. The initial offering price is expected to be between $19.00 and $21.00 per unit. Boaz Energy II, LLC is the sponsor of the trust and will be selling the units being offered. Additionally, Boaz intends to grant the underwriters a 30-day option to purchase up to an additional 937,500 trust units at the initial public offering price. The trust units have been authorized for listing on the New York Stock Exchange under the ticker symbol “PRT.” Boaz Energy II, LLC Boaz Energy II, LLC is a Midland, Texas-based private oil and gas company with an operational focus in the Permian Basin of West Texas and New Mexico. Marshall J. Eves leads the company as CEO. Eves began his career at Pioneer Natural Resources in 2004 as a Permian[Read More…]